Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Hollywood Tower, an historic, eight-story, 52-unit multifamily asset in Hollywood, California. The property sold for $20.1 million, which equates to $386,538 per unit.
“The seller’s renovations on many of the units generated considerable rent premiums, thereby giving the new owner a clear path for growing revenue on the remaining unrenovated units while still maintaining the property’s historic charm and appeal,” said Joseph Grabiec IPA senior managing director. Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, MWest Holdings, and procured the buyer, a family partnership.
Built in 1929 and extensively remodeled in 2010, Hollywood Tower’s Franklin Village location between U.S. Highway 101/the Hollywood Freeway and the Hollywood Hills places it within easy walking distance of retail, dining, entertainment, the Hollywood/Vine subway station and one of the most vibrant nightlife scenes in the city. The Los Angeles Film School, Musicians Institute, Los Angeles City College, and parks are nearby.
The building’s lobby and corridors have been renovated and the studio, one- and two-bedroom apartments have vintage French Norman architectural-style details and modern fixtures and finishes. The property has a subterranean parking garage and three large outdoor rooftop decks with views of the Hollywood Hills, Downtown, and West Los Angeles. Designed by architects Cramer and Wise, Hollywood Tower is listed on the National Register of Historic Places.